I have been looking into this issue of Lawsuit Loans or Legal Funding, depending upon who you talk to. One thing that has struck me on this is the lack or creditable information there is on this coming from those who want to put them out of business.
I am the type of person that when I get an interest in a subject I thoroughly look into it and try to look at all sides. as much as possible. One thing that has really struck me on this issue is the strong attacks that the people that are opposed to this issue are putting forward. Everything from calling them “Lawsuit Loan Sharks” to “Mafia” to almost saying they are the reason for all that is going wrong in this country.
Today I was reading an article that was just published in the Indiana Business Journal http://www.ibj.com/... it struck me that the lawmakers involved in this issue are also those that are working for the opposition of the industry.
From what I have been able to gather, this is a financial product that provides a service to a group of people that cannot get money from anyplace else. They only have to pay it back when and only when they get more money from their settlement. They only are obligated to pay only from the funds of their settlement and not from any other source of income. I say that is a good deal. It is really an investment product.
Now the companies from what I have been able to see do charge a high rate for their product. But what is interesting is that no bank or credit union will even consider giving these people a second look unless they give something of tangible worth to them to hold as collateral, and most people don’t.
Why are we asking our legislators to put restrictions on what people and companies can make? Are we getting away from the values that this country was founded on? That every person has an equal chance of success, and that every company that offers a product that people want should not be limited by the government as to how much it can and cannot make.
If this is the case are you telling me that the same people that invested in FaceBook or Google at a few thousand dollars and now that investment is worth millions, they should be penalized for their investment? Where does it stop?
I welcome your comments and look forward to a lively discussion on this and other topics.